Barwa Real Estate Group has announced the signing of a leasing contract for its Mustawdaat project in Umm Shahrain with a rental value of QR755mn over a ten-and-a-half-year contract term, QNA reported.
Barwa Group CEO Salman bin Mohamed al-Mohannadi and Mohamed Hayil al-Omar, CEO of Mohamed Hayil Group for Trading and Contracting – the tenant company, signed the contract at Barwa’s headquarters yesterday.
Al-Mohannadi said: “The Mustawdaat project aims to meet the demands of the Qatari market for the logistics areas and modern storages at reasonable prices that help reduce the overall cost of providing goods and products to consumers.”
The development of the project was awarded to Barwa Real Estate Company as one of four warehousing parks that were awarded to several developers in 2015, he said.
Sponsored by Manateq, the projects offer “an ideal solution” for logistics activities and were awarded to developers under a build-run-transfer model. The facility is designed, constructed, operated and maintained by the developer and will be subsequently transferred to Manateq following a 25-year concession period.
The project extends over a 500,000sqm plot area located in Umm Shahrain.
It has four types of low-cost warehouses, including dry and air-conditioned warehouses and chilled warehouses, as well as freezer warehouses on a total plot area of 259,446sqm.
The project, which has a total built up area of 273,113sqm, includes a residential compound for employees, offices, 38 retail shops and a mosque, in addition to all necessary infrastructures. It also has 13 substations, internal roads, loading and unloading areas and networks for potable water, fire, irrigation, sewage and their respective tanks. It will also feature surveillance cameras, pump rooms, and security rooms.
Al-Mohannadi also congratulated shareholders and said the project reflects the commitment of all Barwa employees “to maximise the shareholders’ equity and increase the returns.”
He also noted that the development of the project was completed “in record time” at a cost of QR450mn, including the cost of design, supervision, construction works, infrastructure, and all related services. Barwa had announced the awarding of construction of Mustawdaat project in May 2016. It is expected to be fully completed in the third quarter of this year.